Originally published www.telegraph.co.uk on May 22, 2017, by Marion Dakers

A trade deficit has characterized the UK international trade since 1998, with imports exceeding exports. Despite the fact that about 25% of British SMEs and 25% of large businesses export, import of goods and services in Q1 2017 was about £10.5bn more in goods and services than what was exported.

“Ministers tend to say that we’re a great trading nation,” says James Ashton-Bell, head of trade and investment at the CBI. “Historically, that may be the case, but using the measure for the past 20 years, our exports simply don’t match up.

Read more about trade deficit and how to deal with it.